Umesh Marpalli

Daijiworld Media Network – Udupi (EP)

Udupi, Oct 2: Udupi district court on Saturday October 1, awarded five days CID custody of four directors of Agrigold who had collected crores of rupees from investors and cheated them without returning the amount.

CBI is investigating five Agrigold cases in Andhra Pradesh and two cases in Telangana. The company is accused of cheating Rs 1,639 crores from 8.50 lacs investors. Karnataka CID had asked for the custody of accused as the scam had taken place in the state also and lacs of investors were cheated.

Udupi resident Krishna Naik had invested money in 2011. He had complained to Udupi city police station that the company has cheated him without returning the amount though its duration was over in 2014.

In the circumstances, Udupi sessions court justice Shivashankara Amaranna handed over to CID DySP Nanjudappa for investigation four directors Avva Venkataram Rao, Venkatesh Narayana Rao, Immadi Sadashiva Varaprasad and Ramachandra Rao who were in judicial custody in Ellooru jail in Andhra Pradesh.

CBI had handed over the accused to CID in Karnataka to investigate the charges the accused were facing in the state. When the high court took up the matter, it was learnt that the first case against Agrigold was registered in Udupi. Hence the accused were produced in Udupi court.

The CID had asked for 7 days custody.